Item 8 Fresno County...For investment professional use only. Not for public distribution. 18.8% 1.5% 14.7% 21.5% 1.6% 11.8% 0.0% 5.0% 10.0% 15.0% 20.0% 25.0% Industrial Utility Finance

For investment professional use only. Not for public distribution.

Fresno CountyStable Value & Target Date Fund Review

March 21st, 2019

Jack Brown, CFASVP, U.S. CIO & Lead Portfolio Manager

Bill ThorntonInvestment Director, Govt. Markets

Item 8

Stable Value Portfolio Performance & Composition

December 31, 2018

2


12/31/18 Fresno

Fresno

Duration

Sector Weightings:

Agency 0.4% 2.9

MBS 41.8% 3.5

30 year 8.5% 4.2

20 year 7.9% 3.9

15 year 20.0% 3.2

10 year 5.4% 2.8

CMO 3.6% 3.7

CMO Agency 2.2% 2.7

CMO Non-Agency 1.3% 5.2

Corporate Bonds 34.9% 2.5

Finance 11.8% 1.9

Banks 8.8% 2.0

Other 3.1% 1.7

Industrial 21.5% 2.8

Communication 2.6% 4.2

Consumer Cyclical 2.0% 2.9

Consumer Non Cyclical 7.4% 2.5

Energy 2.4% 2.3

Industrial 2.4% 2.8

Materials 2.0% 2.9

Technology 1.5% 2.6

Transportation 1.1% 3.4

Utility 1.6% 3.2

CMBS 10.4% 1.7

CMBS Agency 7.1% 1.6

CMBS Non-Agency 3.4% 1.9

ABS 6.2% 1.9

CLO 1.7% 0.3

Other 4.6% 2.5

MMKT 2.6% 0.0

• 2018 Portfolio Composition Summary:

• Maintained overweight allocation to spread product vs.

treasuries

• Increased allocations to corporate bonds, MMKT, and ABS

vs. a decrease to CMBS, MBS, and CMO”s

• Within corporates, increased allocation to financial institutions

vs. a decrease to industrials and utilities

Portfolio Composition

Credit Quality AA

Weighted Average Life 3.6

Effective Duration 2.8

Effective Convexity -0.1

Yield To Maturity 3.20

OAS 56

Total AUM $61,966,189

3


0.00% 5.00% 10.00% 15.00% 20.00% 25.00%

10 yr ≤ 3.0%

10 yr 3.5%

15 yr ≤ 2.5%

15 yr 3.0%

15 yr 3.5%

15 yr 4.0%

15 yr ≥ 4.5%

20 yr ≤ 3.0%

20 yr 3.5%

20 yr 4.0%

20 yr ≥ 4.5%

30 yr ≤ 3.0%

30 yr 3.5%

30 yr 4.0%

30 yr 4.5%

30 yr 5.0%

30 yr ≥ 5.5%

Portfolio MBS Universe

MBS Pass-Through: Term & Coupon

• Increased allocation to 10 year and 15 year MBS vs. a decrease to 20 and 30 year MBS― Expected a further flattening of the treasury curve and primarily followed originated coupons

• MBS portfolio holdings are diversified across coupons and term structures― MBS strategy continues to be focused on reducing duration / extension risk

• MBS holdings focus on specified pools whose underlying loan characteristics are less sensitive and/or responsive to changes in

interest rates

8.5% 7.9%

20.0%

5.4%

55.0%

0.0%

10.0%

20.0%

30.0%

40.0%

50.0%

60.0%

30 year 20 year 15 year 10 yearPortfolio MBS Universe

4


18.8%

1.5%

14.7%

21.5%

1.6%

11.8%

0.0% 5.0% 10.0% 15.0% 20.0% 25.0%

Industrial

Utility

Finance

Portfolio Benchmark

Corporate Bonds

Utility

Transportation

Technology

Materials

Industrial

Energy

Consumer Non Cyclical

Consumer Cyclical

Communication

Industrial

Other

REITs

Banks

Finance

-2.00% -1.00% 0.00% 1.00% 2.00% 3.00% 4.00%

Corporate Bonds

• Continue to be active in primary market to capture new issue discount at attractive prices and improve quality and diversification:― Bank of America Corp, Goldman Sachs Bank USA, Barclays Bank PLC, Comcast Corp, CVS Health Corp, Bayer US Finance II LLC, Abbvie Inc, Ei Du Pont

De Nemours & Co, Halfmoon Parent Inc (Cigna), New York Life Global Funding, United Health Group

• Targeted high quality issuers in secondary market:― Comcast Corp, Walmart Stores Inc, Abbvie Inc, Perrigo Finance Unlimited, Sherwin Williams Co, Airgas Inc

5


Inception Date: 11/19/2009

Book Yield (12/31): 2.69%

MKT to Book (12/31): 98.2%

2015 1Q 2.20%

2015 2Q 2.20%

2015 3Q 2.15%

2009 4Q 3.25% 2015 4Q 2.15%

2010 1Q 3.25% 2016 1Q 2.15%

2010 2Q 3.25% 2016 2Q 2.10%

2010 3Q 3.30% 2016 3Q 2.10%

2010 4Q 3.20% 2016 4Q 2.00%

2011 1Q 3.10% 2017 1Q 2.00%

2011 2Q 3.10% 2017 2Q 2.00%

2011 3Q 3.10% 2017 3Q 2.00%

2011 4Q 3.00% 2017 4Q 2.00%

2012 1Q 2.80% 2018 1Q 2.00%

2012 2Q 2.70% 2018 2Q 2.05%

2012 3Q 2.60% 2018 3Q 2.05%

2012 4Q 2.25% 2018 4Q 2.15%

2013 1Q 2.20% 2019 1Q 2.20%

2013 2Q 2.20%

2013 3Q 2.10%

2013 4Q 2.10%

2014 1Q 2.20%

2014 2Q 2.10%

2014 3Q 2.20%

2014 4Q 2.20%

Fresno County

Credited Rate History


2.20%

0.00

0.25

0.50

0.75

1.00

1.25

1.50

1.75

2.00

2.25

2.50

2.75

3.00

Dec-14 Jun-15 Dec-15 Jun-16 Dec-16 Jun-17 Dec-17 Jun-18 Dec-18

Yield %

3 yr CMT3 yr CMT Fresno Credited Rate History

6


0%

2%

4%

6%

8%

10%

12%

14%

16%

18%

20%

22%

24%

26%

2019 2021 2023 2025 2027 2029 2031 2033

Fresno County Portfolio Cash Flow Run-Off By Class

MMKT MBS_AGENCY_PT_FIXED

CMBS CMO_ALL

CORPORATE ABS

US_AGENCY

Portfolio Projected Cash Flows

*Composition at 12/31/2018

• Portfolio cash flow runoff laddered across front end of curve consistent with view on direction of short-term rates

2.80%

2.45% 2.46%2.58%

2.80%

3.07%

2.50% 2.50% 2.47% 2.47%2.66%

3.00%

1.0%

1.5%

2.0%

2.5%

3.0%

3.5%

4.0%

Fed Funds 2 Yr 3 Yr 5 Yr 10 Yr 30 Yr

US Treasury Yield Curves: Current, 1 & 2 Years Forward

2 Yr

1 Yr

2/14/2019

+30 bps

+14 bps+11 bps+1 bps+5 bps+7 bps

7

Stable Value Portfolio Performance & Composition

January 31, 2019

8


Portfolio Composition

1/31/19 Fresno

Fresno

Duration

Sector Weightings:

Agency 0.4% 3.0

MBS 42.1% 3.4

30 year 8.4% 4.1

20 year 7.8% 3.8

15 year 20.7% 3.2

10 year 5.3% 2.7

CMO 4.3% 5.6

CMO Agency 3.0% 5.9

CMO Non-Agency 1.3% 5.0

Corporate Bonds 35.6% 2.6

Finance 12.8% 2.2

Banks 9.6% 2.3

Other 3.2% 2.0

Industrial 21.2% 2.8

Communication 2.6% 4.2

Consumer Cyclical 2.0% 2.8

Consumer Non Cyclical 7.7% 2.4

Energy 2.4% 2.2

Industrial 2.0% 2.8

Materials 2.0% 2.8

Technology 1.5% 2.6

Transportation 1.1% 3.4

Utility 1.6% 3.1

CMBS 9.8% 1.7

CMBS Agency 6.5% 1.6

CMBS Non-Agency 3.3% 1.9

ABS 6.1% 1.9

CLO 1.7% 0.2

Other 4.4% 2.5

MMKT 1.6% 0.0

Credit Quality AA

Weighted Average Life 3.8

Effective Duration 2.9

Effective Convexity -0.1

Yield To Maturity 3.09

OAS 51

Total AUM $62,400,050

• January, 2019 Portfolio Composition Summary:

• Maintained overweight allocation to spread product vs.

treasuries

• Increased allocations to corporate bonds and MBS vs. a

decrease to CMBS and MMKT

• Within corporates, increased allocation to financial institutions

9


8.4% 7.8%

20.7%

5.3%

55.0%

0.0%

10.0%

20.0%

30.0%

40.0%

50.0%

60.0%

30 year 20 year 15 year 10 year

Portfolio MBS Universe0.00% 5.00% 10.00% 15.00% 20.00% 25.00%

10 yr ≤ 3.0%

10 yr 3.5%

15 yr ≤ 2.5%

15 yr 3.0%

15 yr 3.5%

15 yr 4.0%

15 yr ≥ 4.5%

20 yr ≤ 3.0%

20 yr 3.5%

20 yr 4.0%

20 yr ≥ 4.5%

30 yr ≤ 3.0%

30 yr 3.5%

30 yr 4.0%

30 yr 4.5%

30 yr 5.0%

30 yr ≥ 5.5%


MBS Pass-Through: Term & Coupon

• Increased allocation to 15 year MBS vs. a decrease to 30 year MBS

• MBS portfolio holdings are diversified across coupons and term structures― MBS strategy continues to be focused on reducing duration / extension risk

• MBS holdings focus on specified pools whose underlying loan characteristics are less sensitive and/or responsive to changes in

interest rates

0.00% 5.00% 10.00% 15.00% 20.00% 25.00%

10 yr ≤ 3.0%

10 yr 3.5%

15 yr ≤ 2.5%

15 yr 3.0%

15 yr 3.5%

15 yr 4.0%

15 yr ≥ 4.5%

20 yr ≤ 3.0%

20 yr 3.5%

20 yr 4.0%

20 yr ≥ 4.5%

30 yr ≤ 3.0%

30 yr 3.5%

30 yr 4.0%

30 yr 4.5%

30 yr 5.0%

30 yr ≥ 5.5%


10


Corporate Bonds

Utility

Transportation

Technology

Materials

Industrial

Energy

Consumer Non Cyclical

Consumer Cyclical

Communication

Industrial

Other

REITs

Banks

Finance

-0.60% -0.40% -0.20% 0.00% 0.20% 0.40% 0.60% 0.80% 1.00% 1.20%

19.1%

1.4%

14.5%

21.2%

1.6%

12.8%

0.0% 5.0% 10.0% 15.0% 20.0% 25.0%

Industrial

Utility

Finance

Portfolio Benchmark

Corporate Bonds

• Continue to be active in primary market to capture new issue discount at attractive prices and improve quality and diversification:― Marsh & Mclennan Cos Inc, Citigroup Inc

• Targeted high quality issuers in secondary market:― There were no corporate securities purchased in the secondary market during the month of January

11


2015 1Q 2.20%

2015 2Q 2.20%

2015 3Q 2.15%

2009 4Q 3.25% 2015 4Q 2.15%

2010 1Q 3.25% 2016 1Q 2.15%

2010 2Q 3.25% 2016 2Q 2.10%

2010 3Q 3.30% 2016 3Q 2.10%

2010 4Q 3.20% 2016 4Q 2.00%

2011 1Q 3.10% 2017 1Q 2.00%

2011 2Q 3.10% 2017 2Q 2.00%

2011 3Q 3.10% 2017 3Q 2.00%

2011 4Q 3.00% 2017 4Q 2.00%

2012 1Q 2.80% 2018 1Q 2.00%

2012 2Q 2.70% 2018 2Q 2.05%

2012 3Q 2.60% 2018 3Q 2.05%

2012 4Q 2.25% 2018 4Q 2.15%

2013 1Q 2.20% 2019 1Q 2.20%

2013 2Q 2.20%

2013 3Q 2.10%

2013 4Q 2.10%

2014 1Q 2.20%

2014 2Q 2.10%

2014 3Q 2.20%

2014 4Q 2.20%

Fresno County


2.20%

0.00

0.25

0.50

0.75

1.00

1.25

1.50

1.75

2.00

2.25

2.50

2.75

3.00

Jan-15 Jul-15 Jan-16 Jul-16 Jan-17 Jul-17 Jan-18 Jul-18 Jan-19

Yield %

3 yr CMT3 yr CMT Fresno Credited Rate History

Inception Date: 11/19/2009

Book Yield (1/31): 2.75%

MKT to Book (1/31): 98.7%


12


0%

2%

4%

6%

8%

10%

12%

14%

16%

18%

20%

22%

24%

26%

2019 2021 2023 2025 2027 2029 2031 2033

Fresno County Portfolio Cash Flow Run-Off By Class

MBS_AGENCY_PT_FIXED CMBS

CMO_ALL ABS

MMKT CORPORATE

US_AGENCY

Portfolio Projected Cash Flows

*Composition at 01/31/2019

• Portfolio cash flow runoff laddered across front end of curve consistent with view on direction of short-term rates

2.80%

2.45% 2.46%2.58%

2.80%

3.07%

2.50% 2.50% 2.47% 2.47%2.66%

3.00%

1.0%

1.5%

2.0%

2.5%

3.0%

3.5%

4.0%

Fed Funds 2 Yr 3 Yr 5 Yr 10 Yr 30 Yr

US Treasury Yield Curves: Current, 1 & 2 Years Forward

2 Yr

1 Yr

2/14/2019

+30 bps

+14 bps+11 bps+1 bps+5 bps+7 bps

13


Stable Value Proposed Model Portfolio Comparison

14


1/31/19 Fresno

Model

Portfolio

Credit Quality AA AA

Weighted Average Life 3.8 3.7

Effective Duration 2.9 3.0

Effective Convexity -0.1 -0.1

Yield To Maturity 3.09 3.10

OAS 51 60

Total AUM $62,400,050 $62,400,050

Current vs. Model Portfolio1/31/2019 Fresno

Fresno

Duration

Model

Portfolio

Model

Portfolio

Sector Weightings:

Agency 0.4% 3.0 0.0% 0.0

MBS 42.1% 3.4 36.3% 3.4

30 year 8.4% 4.1 5.7% 4.0

20 year 7.8% 3.8 5.4% 3.8

15 year 20.7% 3.2 22.2% 3.2

10 year 5.3% 2.7 3.0% 2.7

CMO 4.3% 5.6 4.3% 5.6

CMO Agency 3.0% 5.9 3.0% 5.9

CMO Non-Agency 1.3% 5.0 1.3% 5.0

Corporate Bonds 35.6% 2.6 49.5% 2.7

Finance 12.8% 2.2 18.4% 2.5

Banks 9.6% 2.3 13.4% 2.5

REITs 0.0% 0.0 1.0% 3.1

Other 3.2% 2.0 4.0% 2.2

Industrial 21.2% 2.8 29.4% 2.9

Communication 2.6% 4.2 2.8% 4.2

Consumer Cyclical 2.0% 2.8 2.9% 3.0

Consumer Non Cyclical 7.7% 2.4 9.9% 2.3

Energy 2.4% 2.2 4.7% 2.8

Industrial 2.0% 2.8 2.2% 2.8

Materials 2.0% 2.8 2.7% 3.0

Technology 1.5% 2.6 2.5% 3.1

Transportation 1.1% 3.4 1.6% 3.2

Utility 1.6% 3.1 1.8% 3.0

CMBS 9.8% 1.7 3.8% 2.0

CMBS Agency 6.5% 1.6 0.5% 3.2

CMBS Non-Agency 3.3% 1.9 3.3% 1.9

ABS 6.1% 1.9 6.1% 1.9

CLO 1.7% 0.2 1.7% 0.2

Other 4.4% 2.5 4.4% 2.5

MMKT 1.6% 0.0 0.0% 0.0

• Portfolio structured to focus on preservation of capital, maintain ample

liquidity and produce competitive yields relative to the benchmark― AA average credit quality

― High overall liquidity

• Allocations to both Investment Grade corporate bonds and Securitized

Products (MBS, CMBS, ABS) allow for greater portfolio management

flexibility, a wider investable universe and better risk diversification― Allows active management of both interest rate risk and credit risk across

multiple market cycles

― More relative value opportunities available to portfolio management team

• Current corporate bond sector allocations reflect a slightly defensive

posture given latter stages of the business cycle

• MBS useful for portfolio construction as the asset class provides

natural liquidity through monthly pay downs which can be reinvested at

current market rates― MBS allocations within the portfolio contain minimal extension (duration) risk

and have less negative convexity compared to the benchmark

15


Stable ValueIPS Comparison

16


17


DisclosureThe opinions expressed in this material represent the current, good faith views of Great-West Capital Management, LLC (GWCM) and its portfolio managers, analysts, traders, and other investment personnel at the time of publication and are provided for limited purposes, are not definitive investment advice, and should not be relied on as such. The information presented in this report was developed internally and/or obtained from sources believed to be reliable; however, GWCM does not guarantee the accuracy, adequacy, or completeness ofsuch information. Predictions, opinions, and other information contained in this report are subject to change continually and without notice of any kind and may no longer be true after the date indicated.

Any forward-looking statements speak only as of the date they are made, and GWCM assumes no duty to and does not undertake to update forward-looking statements. Forward looking statements are subject to numerous assumptions, risks, and uncertainties, which change over time. Actual results could differ materially from those anticipated in forward-looking statements.

Past performance, where discussed in this report, is not a guarantee of future results. As with any investment, there is a potential for profit as well as the possibility of loss. This material is not an endorsement of any index or sector and not a solicitation to offer investment advice or sell products or services offered by GWCM or its affiliates.

Great-West Financial® refers to products and services provided by Great-West Life & Annuity Insurance Company, Corporate Headquarters: Greenwood Village, CO; Great-West Life & Annuity Insurance Company of New York, Home Office: NY, NY; and their subsidiaries and affiliates, including GWCM. The trademarks, logos, service marks, and design elements used are owned by their respective owners and are used by permission. ©2016 Great-West Life & Annuity Insurance Company. All rights reserved. (07/2016)PT273686

18


Target Date Fund Review

19

Great-West Lifetime Trusts

Period Ended 12/31/2018

Funds:

Type:

The Great-West Lifetime Trusts, offered by Great-West Trust Company, LLC (Great-West Trust) consists of nine lifetime asset allocation funds (Great-West Lifetime 2015, 2020, 2025, 2030, 2035, 2040, 2045, 2050, 2055 Trusts). Each of the funds is a "fund-of-funds" that invests in the shares of mutual funds and other collective investment trusts.

The Great-West Lifetime Trusts are designed to adjust asset allocation over time, generally becoming more conservative as the retirement transition date approaches.

Each fund of the Great-West Lifetime Trusts provides a dynamic asset allocation and underlying investment selection investment strategy based on methodologies designed to primarily optimize risk-appropriate capital growth strategiesStrategy:

Example: Lifetime 2015 Trust

Lifetime 2025 Trust

Lifetime 2035 Trust

Lifetime 2045 Trust

Lifetime 2055 Trust

Asset Class Allocation Allocation Allocation Allocation AllocationEquity 40% 60% 70% 80% 90%

Fixed Income 60% 40% 30% 20% 10%

Total 100% 100% 100% 100% 100%

Composition:

investment strategy based on methodologies designed to primarily optimize risk appropriate capital growth strategies prior to the designated transition year and primarily longevity-driven capital appreciation and inflation-protected income thereafter.

The asset classes prescribed by the glide path may vary for each Great-West Lifetime Trust investment option. Therefore, the mix of underlying funds in each Great-West Lifetime Trust option may vary.

FOR PLAN SPONSOR OR FINANCIAL PROFESSIONAL USE ONLY.

20

Target Date PerformanceReturns as of February 28, 2019

Name

Net Expense

Ratio YTD

YTD

%ile

Ranking 1 Year

1 Year

%ile

Ranking 3 Year

3 Year

%ile

Ranking

Great-West Lifetime 2015 Trust 0.43 5.88 25 2.60 17 8.10 17

US Fund Target-Date 2015 0.73 5.47 1.82 7.12

Morningstar Lifetime Mod 2015 5.82 2.87 7.32

Great-West Lifetime 2020 Trust 0.43 6.56 26 2.78 11 -
























Funds in italics to be added to the Fresno County plan in the future.

21


Asset Class Ranges

Equity Fixed Income

Great-West Lifetime 2015 Trust 35-55% 45-65%Great West Lifetime 2020 Trust 40 60% 40-60%

Each of the Great-West Lifetime Trusts' asset allocations adjust from more aggressive to conservative over time. More aggressive Great-West Lifetime Trusts are weighted toward equities while more conservative funds are weighted towards fixed income investments.

The Great-West Lifetime Trusts will always be invested within the ranges below:

Great-West Lifetime 2020 Trust 40-60% 40-60%Great-West Lifetime 2025 Trust 50-70% 30-50%Great-West Lifetime 2030 Trust 60-80% 20-40%Great-West Lifetime 2035 Trust 75-95% 5-25%Great-West Lifetime 2040 Trust 80-98% 2-20%Great-West Lifetime 2045 Trust 80-98% 2-20%Great-West Lifetime 2050 Trust 80-98% 2-20%Great-West Lifetime 2055 Trust 80-98% 2-20%

Asset allocations (within these ranges) are set on an annual basis and rebalanced back to target allocations quarterly.


22

Great-West Lifetime Trusts 2015 2020 2025 2030 2035 2040 2045 2050 2055

International 9.74% 11.36% 13.56% 16.48% 19.60% 22.12% 23.60% 24.26% 24.67%MFS International Growth CIT 2.19% 2.56% 3.05% 3.71% 4.41% 4.98% 5.31% 5.46% 5.55%

MFS International Value CIT 2.68% 3.12% 3.73% 4.53% 5.39% 6.08% 6.49% 6.67% 6.78%SSGA International Index SL Fund Class I 4.87% 5.68% 6.78% 8.24% 9.80% 11.06% 11.80% 12.13% 12.34%

Alternative International 3.74% 4.44% 5.41% 6.71% 8.19% 9.55% 10.63% 11.43% 12.18%DFA Emerging Markets I 1.41% 1.73% 2.19% 2.81% 3.52% 4.17% 4.68% 5.05% 5.39%

SSGA Emerging Markets Index NL Fund Class A 1.41% 1.73% 2.19% 2.81% 3.52% 4.17% 4.68% 5.05% 5.39%Invesco Equity Global Real Estate Secs. Trust 0.92% 0.98% 1.03% 1.09% 1.15% 1.21% 1.27% 1.33% 1.40%

Alternative 3.28% 3.31% 3.33% 3.36% 3.38% 3.41% 3.43% 3.45% 3.47%Invesco Equity Real Estate Securities Trust 3.28% 3.31% 3.33% 3.36% 3.38% 3.41% 3.43% 3.45% 3.47%

Small Cap 3.42% 4.18% 5.19% 6.55% 8.04% 9.34% 10.22% 10.77% 11.18%Janus Triton N 0.79% 0.96% 1.19% 1.51% 1.85% 2.15% 2.35% 2.48% 2.57%

DFA US Targeted Value I 0.92% 1.13% 1.40% 1.77% 2.17% 2.52% 2.76% 2.91% 3.02%SSGA Russell Small Cap® Index LS Fund Class I 1.71% 2.09% 2.60% 3.27% 4.02% 4.67% 5.11% 5.38% 5.59%

Mid Cap 7.12% 7.90% 9.00% 10.42% 11.84% 12.75% 13.00% 12.77% 12.42%Neuberger Berman Mid Growth R6 1.64% 1.82% 2.07% 2.40% 2.72% 2.93% 2.99% 2.94% 2.86%

American Century US Mid-Cap Value Equity CIT 1.92% 2.13% 2.43% 2.81% 3.20% 3.44% 3.51% 3.45% 3.35%SSGA S&P MidCap® Index SL Fund Class I 3.56% 3.95% 4.50% 5.21% 5.92% 6.38% 6.50% 6.38% 6.21%

Large Cap 16.63% 18.44% 20.98% 24.30% 27.63% 29.78% 30.35% 29.78% 28.97%JP Morgan Large Cap Growth CIT 1.91% 2.12% 2.41% 2.80% 3.18% 3.42% 3.49% 3.43% 3.33%Pioneer Concentrated Gowth CIT 1.91% 2.12% 2.41% 2.80% 3.18% 3.42% 3.49% 3.43% 3.33%

American Funds American Mutual R6** 4.49% 4.98% 5.67% 6.57% 7.46% 8.03% 8.19% 8.04% 7.82%SSGA S&P 500® Index SL Fund Class I 8.32% 9.22% 10.49% 12.13% 13.81% 14.91% 15.18% 14.88% 14.49%

Bond 56.07% 50.37% 42.53% 32.18% 21.32% 13.05% 8.77% 7.54% 7.11%EB International Bond Fund 5.49% 5.31% 4.81% 3.88% 2.73% 1.77% 1.26% 1.13% 1.12%

JPMCB High Yield Fund 4.11% 4.06% 3.74% 3.06% 2.17% 1.42% 1.01% 0.90% 0.84%American Century Inflation-Adjs Bond R6 11.88% 8.97% 6.17% 3.62% 1.72% 0.64% 0.16% 0.00% 0.00%

JPMCB Core Bond 5.87% 6.05% 5.76% 4.84% 3.52% 2.34% 1.70% 1.52% 1.42%Loomis Sayles Bond CIT 3.91% 4.03% 3.84% 3.23% 2.35% 1.56% 1.13% 1.01% 0.95%

American Century Short Duration R6 10.58% 8.48% 6.30% 4.13% 2.32% 1.17% 0.62% 0.45% 0.42%Federated Prime Cash Collective Investment Fund R6 4.45% 3.36% 2.31% 1.36% 0.64% 0.24% 0.06% 0.00% 0.00%

SSGA U.S. Bond Index SL Fund Class I 9.78% 10.11% 9.60% 8.06% 5.87% 3.91% 2.83% 2.53% 2.36%

Great-West Lifetime TrustsCurrent Allocations:

Holdings and compositions of holdings are subject to change.


23


NOT A DEPOSIT NOT FDIC INSURED NOT BANK GUARANTEED MAY LOSE VALUE NOT INSURED BY ANY FEDERAL GOVERNMENT AGENCY

The Great‐West Trust Lifetime Trusts are not FDIC insured, are not an obligation or deposit of, or guaranteed by Great‐West Trust, or any of its affiliates and involves investment risk, including possible loss of principal.

Performance information is gathered from Morningstar® and directly from investment providers that offer investments in which the Trusts invest. ©2019 Morningstar, Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete, or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results.

Performance Disclosure

Performance information contained herein, prior to each Trust's inception date where applicable, is simulated, is for illustrative purposes only, and does not represent actual fund performance. As a result, this simulated performance has inherent limitations and is not indicative of future results. No representation is being made that any investment will achieve performance similar to that shown. The simulated performance may not reflect the impact that material economic and market factors might have had on the asset allocation mix or percentages to which one or all of funds may be allocated among the underlying funds if the fund had been in existence for the time periods shown.

Generally, the results shown, prior to each Trust's inception, represent simulated historical performance returns based on the actual performance of the underlying funds in which the Great‐West Trusts invest, adjusted for applicable operating expenses and fees of the underlying funds in which the Trusts invest.

Underlying fund allocations shown for the Trusts are subject to change according to investment strategies as stated in the Great‐West Trust Declaration of Trust and related supplemental disclosures. The results shown are hypothetical in nature and are not guarantees, projections or predictions of future investment results.

FOR PLAN SPONSOR OR FINANCIAL PROFESSIONAL USE ONLY. 24

DisclosuresAsset allocation funds are subject to the risks of the underlying investments. Among the various risks an investor in the Great-West Trusts may face are, but not limited to, the following:Stock value fluctuation in response to the activities of the general market, individual companies and economic conditions. Equity securities of small-sized and medium-sized companies may be more volatile than securities of larger, more established companies.

Foreign investments involve special risks, including currency fluctuations and political developments. Equity securities of companies located in emerging markets involve greater risks than investing in more established markets, including currency fluctuations, political developments and share illiquidity. Real estate securities involve greater risks than other non-diversified investments, including, but not limited to: declining property values, varying economic conditions, changes in zoning laws, or losses from casualty. Real estate securities that invest in foreign real estate involve additional risk, including currency fluctuations and political developments.

Bond value fluctuation in response to the financial condition of individual issuers, general market and economic conditions, and changes in interest rates. In general, when interest rates rise, bond values fall and investors may lose principal value. Compared to higher-rated securities, high yield bond investment options are subject to greater risk, including the risk of default.


Securities offered or distributed through GWFS Equities, Inc., Member FINRA/SIPC and a subsidiary of Great-West Life & Annuity Insurance Company.

The Great-West collective investment trusts (CITs) are offered and maintained by trustee Great-West Trust Company, LLC and managed by its affiliate, Great-West Capital Management, LLC. The CITs are not mutual funds and are exempt from SEC registration and applicable securities laws of any state or other jurisdiction. Designed for and exclusively sold to qualified retirement plans and their participants and other eligible trusts, CITs are not available to individual retail investors. Please see the applicable CIT disclosure documents for more information.

Benchmark data source: Morningstar® Direct

SM. Although data is gathered from reliable sources, including but not limited to Morningstar, Inc., the

completeness or accuracy of the data shown cannot be guaranteed. Where data obtained from Morningstar, ©2019 Morningstar, Inc. All rights reserved. The data: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information.

Great-West Financial®, Empower Retirement and Great-West InvestmentsTM are the marketing names of Great-West Life & Annuity Insurance Company, Corporate Headquarters: Greenwood Village, CO; Great-West Life & Annuity Insurance Company of New York, Home Office: New York, NY, and their subsidiaries and affiliates, including registered investment advisers Advised Assets Group, LLC and Great-West Capital Management, LLC. ©2019 Great-West Life & Annuity Insurance Company. All rights reserved. RO#734933-0219

NOT A DEPOSIT NOT FDIC INSURED NOT BANK GUARANTEED

MAY LOSE VALUE NOT INSURED BY ANY FEDERAL GOVERNMENT AGENCY

25

Target Date 2015 - Lifetime GIPS PresentationAs of December 31, 2018

Target Date 2015 - Lifetime CompositeComposite Gross Composite Net Benchmark Composite 3-Yr Benchmark 3-Yr Number of Internal Dispersion Composite Firm Assets

Year % Return % Return % Return % Std Dev % Std Dev Accounts (Gross %) Assets ($ M) ($ M)2012 12.12 11.90 11.49 -- -- 3 -- 755 17,0472013 9.57 8.94 10.50 -- -- 3 -- 978 21,1642014 6.97 5.98 5.55 5.59 5.74 3 -- 1,099 22,8082015 -0.36 -1.24 -1.73 5.51 5.45 5 -- 1,111 25,7882016 8.37 7.42 7.10 5.43 5.44 3 -- 1,094 28,5242017 12.07 11.05 11.39 4.80 4.81 3 -- 1,128 32,6392018 -3.48 -4.33 -3.54 5.18 4.96 3 -- 945 29,978

The minimum asset level for including a account in the composite is $15 million in order to fully manage the account to the investment strategy. Internal Dispersion is represented by the equal-weighted standard deviation of full-period gross-of-fee returns of the accounts that were included in the composite for the entire period. Internal Dispersion is not presented for periods when less than six accounts were included in the composite for the full period. Three-year annualized Ex-post Standard Deviation of monthly returns is calculated using gross returns and is not applicable until the Composite reaches 3 years. GWCM's composite descriptions and policies for valuing accounts, calculating performance and preparing compliant presentations are available upon request. All data are in U.S. dollars. The performance data quoted represents past performance, which does not guarantee future results. Returns for periods less than a full year are not annualized. Number of accounts represents the number of accounts in the composite at the end of the period.

The Composite gross-of-fee returns reflect the reinvestment of income and the impact of transaction costs, but do not include the deduction of investment advisory fees or administration fees. Composite net-of-fee returns are calculated by deducting actual investment advisory fees and administration fees from each account's gross-of-fee returns. The maximum fee charged to an account in the composite is equal to an annual rate of 0.72% of the average daily net assets of the account. Actual fees may vary depending on, among other things, the applicable fee schedule and account size. Therefore, the actual performance of all the accounts in the composite on a net-of-fees basis may be different, and may be higher or lower, than the composite performance. However, such performance is intended to provide the most appropriate example of the impact management fees would have by applying management fees relevant to a separate account prospect to the gross of fee performance of the composite. While actual accounts incur transaction costs, pay investment advisory fees and administration fees, the benchmark index is shown without the impact of such charges.

Benchmark: Morningstar Lifetime Mod 2015 TR

Great-West Capital Management, LLC (“GWCM” or the "Firm") claims compliance with the Global Investment Performance Standards (GIPS®) and has prepared and presented this report in compliance with the GIPS standards. GWCM has been independently verified for the periods January 1, 2012 through December 31, 2017. The verification report is available upon request. Verification assesses whether (1) the firm has complied with all the composite construction requirements of the GIPS standards on a firm-wide basis and (2) the firm’s policies and procedures are designed to calculate and present performance in compliance with the GIPS standards. Verification does not ensure the accuracy of any specific composite presentation. GWCM is a Colorado limited liability company and Registered Investment Adviser, primarily providing investment advice to Investment Companies, Pooled Accounts, State and Municipal Government Entities, Pension and Profit Sharing Plans and Insurance Companies.The Target Date 2015 Lifetime Composite (the "Composite") invests in a professionally selected mix of Underlying Funds that is tailored for investors planning to retire in (or otherwise begin using the invested funds on), or close to, 2015. The Composite currently invests 35-55% of its net assets in Underlying Funds that invest primarily in equity securities and 45-65% of its net assets in Underlying Funds that invest primarily in fixed income securities. The Composite was created on 07/01/2017. The Composite is comprised of all discretionary accounts managed by GWCM in this investment style.The Morningstar Lifetime Allocation Index Family is a broadly diversified index that helps investors mitigate the challenges related to rising life expectancies, evolving risk appetites, inflation in major retirement expense categories, and postretirement income investing. The index family is designed to meet the benchmarking needs of target-date investors by offering an objective yardstick for performance comparison. Conceptually, the Morningstar Lifetime Allocation Index family are indexes of indexes. The index measures the performance of a portfolio of global equities, bonds and traditional inflation hedges such as commodities and TIPS. This portfolio is held in proportions appropriate for a US investor who intends to retire in the year 2015. The Moderate risk profile is for investors who are comfortable with average exposure to equity market volatility.

26



Year % Return % Return % Return % Std Dev % Std Dev Accounts (Gross %) Assets ($ M) ($ M)2015 -3.16 -3.21 -1.88 -- -- 1 -- 12 25,7882016 7.36 7.13 7.66 -- -- 3 -- 37 28,5242017 13.17 12.51 12.79 -- -- 3 -- 165 32,6392018 -4.09 -4.76 -4.16 5.94 5.58 3 -- 248 29,978


Great-West Capital Management, LLC (“GWCM” or the "Firm") claims compliance with the Global Investment Performance Standards (GIPS®) and has prepared and presented this report in compliance with the GIPS standards. GWCM has been independently verified for the periods January 1, 2012 through December 31, 2017. The verification report is available upon request. Verification assesses whether (1) the firm has complied with all the composite construction requirements of the GIPS standards on a firm-wide basis and (2) the firm’s policies and procedures are designed to calculate and present performance in compliance with the GIPS standards. Verification does not ensure the accuracy of any specific composite presentation. GWCM is a Colorado limited liability company and Registered Investment Adviser, primarily providing investment advice to Investment Companies, Pooled Accounts, State and Municipal Government Entities, Pension and Profit Sharing Plans and Insurance Companies.The Target Date 2020 - Lifetime Composite (the "Composite") invests in a professionally selected mix of Underlying Funds that is tailored for investors planning to retire in (or otherwise begin using the invested funds on), or close to, 2020. The Composite currently invests 40-60% of its net assets in Underlying Funds that invest primarily in equity securities and 40-60% of its net assets in Underlying Funds that invest primarily in fixed income securities. The Composite was created on 07/01/2017. The Composite is comprised of all discretionary accounts managed by GWCM in this investment style.The Morningstar Lifetime Allocation Index Family is a broadly diversified index that helps investors mitigate the challenges related to rising life expectancies, evolving risk appetites, inflation in major retirement expense categories, and postretirement income investing. The index family is designed to meet the benchmarking needs of target-date investors by offering an objective yardstick for performance comparison. Conceptually, the Morningstar Lifetime Allocation Index family are indexes of indexes. The index measures the performance of a portfolio of global equities, bonds and traditional inflation hedges such as commodities and TIPS. This portfolio is held in proportions appropriate for a US investor who intends to retire in the year 2020. The Moderate risk profile is for investors who are comfortable with average exposure to equity market volatility.

The first account came to this composite in August 2015. Returns are not annualized for 2015. The three-year annualized standard deviation is not presented as of December 31, 2017 because the composite does not yet have 36 monthly returns as of this date.



27



Year % Return % Return % Return % Std Dev % Std Dev Accounts (Gross %) Assets ($ M) ($ M)2012 14.15 13.92 13.67 -- -- 3 -- 1,013 17,0472013 15.29 14.60 16.28 -- -- 3 -- 1,497 21,1642014 7.27 6.23 6.04 7.15 7.42 3 -- 1,796 22,8082015 -0.58 -1.49 -2.06 6.91 7.09 5 -- 1,919 25,7882016 9.43 8.46 8.39 6.91 7.11 3 -- 1,973 28,5242017 15.15 14.12 14.54 6.13 6.35 3 -- 2,148 32,6392018 -4.81 -5.61 -4.90 6.63 6.42 3 -- 1,880 29,978





28






The first account came to this composite in August 2015. Returns are not annualized for 2015. The three-year annualized standard deviation is not presented as of December 31, 2017 because the composite does not yet have 36 monthly returns as of this date.



29



Year % Return % Return % Return % Std Dev % Std Dev Accounts (Gross %) Assets ($ M) ($ M)2012 15.99 15.76 15.36 -- -- 3 -- 709 17,0472013 21.58 20.82 22.03 -- -- 3 -- 1,166 21,1642014 7.36 6.27 5.80 8.90 9.02 3 -- 1,432 22,8082015 -0.74 -1.73 -2.58 8.83 9.03 5 -- 1,621 25,7882016 9.92 8.93 10.07 8.99 9.27 3 -- 1,726 28,5242017 19.39 18.30 18.52 8.07 8.41 3 -- 1,977 32,6392018 -6.89 -7.69 -6.82 8.73 8.53 3 -- 1,700 29,978





30






The minimum asset level for including a account in the composite is $15 million in order to fully manage the account to the investment strategy. Internal Dispersion is represented by the equal-weighted standard deviation of full-period gross-of-fee returns of the accounts that were included in the composite for the entire period. Internal Dispersion is not presented for periods when less than six accounts were included in the composite for the full period. Three-year annualized Ex-post Standard Deviation of monthly returns is calculated using gross returns and is not applicable until the Composite reaches 3 years. GWCM's composite descriptions and policies for valuing accounts, calculating performance and preparing compliant presentations are available upon request. All data are in U.S. dollars. The performance data quoted represents past performance, which does not guarantee future results. Returns for periods less than a full year are not annualized. Number of accounts represents the number of accounts in the composite at the end of the period.The first account came to this composite in August 2015. Returns are not annualized for 2015. The three-year annualized standard deviation is not presented as of December 31, 2017 because the composite does not yet have 36 monthly returns as of this date.


31



Year % Return % Return % Return % Std Dev % Std Dev Accounts (Gross %) Assets ($ M) ($ M)2012 16.47 16.25 15.84 -- -- 3 -- 353 17,0472013 23.27 22.50 23.07 -- -- 3 -- 603 21,1642014 6.87 5.77 5.25 9.55 9.51 3 -- 748 22,8082015 -0.98 -1.91 -3.03 9.65 9.72 5 -- 881 25,7882016 10.18 9.21 10.84 9.94 10.15 3 -- 983 28,5242017 21.55 20.47 20.53 8.96 9.30 3 -- 1,171 32,6392018 -8.30 -9.07 -8.17 9.85 9.66 3 -- 1,017 29,978





32






The minimum asset level for including a account in the composite is $15 million in order to fully manage the account to the investment strategy. Internal Dispersion is represented by the equal-weighted standard deviation of full-period gross-of-fee returns of the accounts that were included in the composite for the entire period. Internal Dispersion is not presented for periods when less than six accounts were included in the composite for the full period. Three-year annualized Ex-post Standard Deviation of monthly returns is calculated using gross returns and is not applicable until the Composite reaches 3 years. GWCM's composite descriptions and policies for valuing accounts, calculating performance and preparing compliant presentations are available upon request. All data are in U.S. dollars. The performance data quoted represents past performance, which does not guarantee future results. Returns for periods less than a full year are not annualized. Number of accounts represents the number of accounts in the composite at the end of the period.The first account came to this composite in August 2015. Returns are not annualized for 2015. The three-year annualized standard deviation is not presented as of December 31, 2017 because the composite does not yet have 36 monthly returns as of this date.


33



Year % Return % Return % Return % Std Dev % Std Dev Accounts (Gross %) Assets ($ M) ($ M)2012 16.70 16.47 16.00 -- -- 3 -- 71 17,0472013 23.11 22.31 22.49 -- -- 3 -- 145 21,1642014 6.28 5.16 4.74 9.72 9.68 3 -- 201 22,8082015 -1.26 -2.23 -3.34 9.81 9.82 5 -- 266 25,7882016 10.10 9.09 10.90 10.10 10.29 3 -- 333 28,5242017 21.96 20.84 20.95 9.11 9.44 3 -- 429 32,6392018 -8.74 -9.53 -8.57 10.00 9.81 3 -- 402 29,978





34

35

Documents

Item 8 Fresno County...For investment professional use only. Not for public distribution. 18.8% 1.5% 14.7% 21.5% 1.6% 11.8% 0.0% 5.0% 10.0% 15.0% 20.0% 25.0% Industrial Utility Finance